Navteq powers the maps on Live Search, currently the best free GPS software available for Windows Mobile.

The purchase price is hefty, $8.1 billion, so it's pretty clear that Nokia is serious about using this stuff. That, plus the fact that Nokia already makes WM-compatible GPS software makes me a little nervous that Microsoft may have to start taking a closer look at Telenav. Long ago, Nokia bought my favorite instant messenger client for PalmOS and Windows Mobile, VeriChat, then killed it dead. Please don't repeat the past, Nokia. Please.

Nokia, the world’s largest cellphone maker, said it will acquire Navteq for $78 a share, which is only 3 cents above Navteq’s closing share price on Friday. But Navteq’s stock has risen sharply in recent weeks amid rumors that it was a takeover target.

Once rumor became reality, investors seemed a bit disappointed. Navteq’s shares fell about 1.7 percent in early trading Monday